Marketing Analytics Helps a Leading Retail Firm Improve Cost Savings
In today’s intensely competitive market, the retail industry is facing uncertainties in terms of rapidly changing demographies and frequent fluctuations in the economy. The retailers in the retail space are trying to understand the products and services that are most attractive to the customers. With the altering preferences and shopping behaviors of the customers, leading […]READ MORE >>
In today’s intensely competitive market, the retail industry is facing uncertainties in terms of rapidly changing demographies and frequent fluctuations in the economy. The retailers in the retail space are trying to understand the products and services that are most attractive to the customers. With the altering preferences and shopping behaviors of the customers, leading organizations in the retail industry are advocating the need for marketing analytics. Marketing analytics helps organizations identify the potential customers and devise marketing strategies to attract, retain, and improve the value of the customers. Also, various retailers are shifting from a product-centric environment to customer-centric environment to deliver better targeted messages to specific segments of the retail industry.
Effectively devising marketing analytics helps the retailers identify the customer segments that represent the majority of the sales revenue and margin. To understand the assortments, pricing, service behaviors, and marketing communications, leading businesses are approaching organizations like Quantzig. With years of expertise in offering a plethora of solutions, Quantzig’s marketing analytics solution helps businesses shift toward a more customer-centric business model and determine the most effective marketing campaigns to address the target audience in the retail industry.
In the recent years, the retail industry has witnessed a stipulated growth with major retailers offering a differentiated set of products. A renowned retail firm with a considerable number of stores spread across the globe was facing predicaments improving their cost savings to further gain better ROI. The client wanted to understand the market dynamics and consumer behavior to devise product portfolios based on customer preferences in the retail industry. Moreover, the client further wanted to gain better clarity and visibility into their marketing campaigns and understand the impact of data on marketing activities.
Marketing Analytics Solution Benefits:
After gaining the desired information about the retail industry, the client was able to assess and identify the impact of marketing on revenue and market shares. The client was also able to increase sales, decrease customer acquisition costs, and further increase the efficiency. Moreover, the client identified the robust marketing campaigns or channels, where the customers interacted before purchasing the products. Robust marketing analytics solution also helped the client identify the average value and quantity of items purchased per transaction to further measure the market performance.
Marketing Analytics Solution Predictive Insights:
- Effectively measure, manage, and analyze marketing performance to maximize the ROI
- Identify the customer and devise a robust customer engagement
- Understand the impact of marketing spend across channels
- Manually track spends and its corresponding impact in the retail space
- Improve their ability to quantify marketing effectiveness of channels and campaigns in terms of the revenue and incremental sales
- Identify the direct and indirect impact of media types on incremental sales
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